Homeowners who are grappling with the cost-of-living crisis will no doubt welcome today’s decision to leave the cash rate on hold.
With the economy cooling and inflation slowing, some economists are optimistic that the next move by the RBA will likely be a rate cut, potentially in September.
Meanwhile, a Real Estate Institute of Australia (REIA) report found the average household is now spending just under 48 per cent of their income on mortgage repayments.
REIA President Leanne Pilkington said that given the current cash rate, it was “no surprise” affordability was at its lowest on record since the REIA’s first ever report.
“Housing affordability in NSW, Victoria, South Australia, Tasmania and the ACT is at its lowest point in 20 years,” she said.
“Queensland emerged as the biggest loser in the affordability stakes declining in housing affordability by 2.8 per cent in the quarter.
“Only with rate rise relief will we see changes to this outlook.”
Recently, there’s been a diverse range of adjustments to lenders’ interest rates. Some increased their owner-occupier and investor variable rates, while others decreased theirs.
If you’re struggling with your mortgage repayments, we can compare the market and potentially find you a competitive home loan that's suited to your financial circumstances.
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